Statement of Chairman Robert Pitofsky and Commissioner
Mozelle W. Thompson

FirstPlus Financial Group, Inc.

File No. 992-3121

This matter is the Commission's first action brought against a consumer finance company
for misrepresenting the savings that consumers would gain by consolidating their debts
into a high loan-to-value (HLTV) loan. Accordingly, this case sends an important law
enforcement message to companies engaged in this multi-billion dollar financial market
that the Commission will look closely at HLTV transactions and take appropriate action
when consumers are victimized by those who omit or misrepresent material facts relating to
such loans.

Because this principle is so important, we also note that this case does not
necessarily establish the full scope of relief that the Commission may seek in future
cases. While the Commission's order - by providing for strong injunctive relief - supplies
the full dose of all relief feasible in light of this particular respondent's weak
financial situation, we believe that the Commission may consider pursuing additional
relief in future cases involving deceptive HLTV loan advertising. Specifically, we expect
that the Commission, in appropriate circumstances, would seek consumer redress or other
monetary relief.